§ 44-5-11.14. Commercial/residential real estate classification — Narragansett.
Notwithstanding any provisions of § 44-5-11.8 to the contrary, the town of Narragansett may adopt a separate tax classification for owner occupied mixed use combination commercial and residential properties with five (5) units or less provided that the total commercial portion of the structure cannot occupy more than fifty percent (50%) of the entire square foot size of the structure itself. The tax assessor shall be required to allocate the percentage share of the full and fair market value of the property devoted to residential real estate use. This portion of the property shall be subject to the same tax rate as property defined in class 1 by § 44-5-11.8(b)(1)(i), while the remaining percentage of the property shall be subject to the tax rate as property defined as class 2 by § 44-5-11.8(b)(2).
History of Section.
P.L. 2005, ch. 198, § 1; P.L. 2005, ch. 212, § 1.